The Toncoin price has flipped bullishly today, with the technical indicators suggesting an upward trajectory. At the time of writing, the TON price is 2%, with the TON/USD trading at $6.82. Notably, accompanying the price movement is its 24-hour trading volume, which has soared almost 1% to $171 million. This suggests intense market activity among traders and investors in the TON market.
This comes as Trust Wallet, a well-known self-custody crypto wallet, joins forces with the Toncoin network. Trust Wallet has taken to the X platform, noting, “We’re working with the TON team to make the TON & Telegram ecosystems even more accessible to all Trust Wallet users.”
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Trust Wallet & @ton_blockchain are joining forces🔥
We’re working with the #TON team to make the TON & #Telegram ecosystem even more accessible to all #TrustWallet users! Stay tuned for further updates.
Explore $TON in Trust Wallet now👇https://t.co/2J9OHmd6qS pic.twitter.com/lq6CQaByRP
— Trust Wallet (@TrustWallet) July 30, 2024
Toncoin Statistical Data
Based on Coinmarketcap data:
- TON price now – $6.82
- TON market cap – $17 billion
- TON total supply – 5.10 billion
- TON circulating supply – 2.51 billion
- TON ranking – #9
Toncoin Price Breaks Above the Falling Channel
The Toncoin price has broken out of a falling channel as the bulls target the $7.68 mark in the short term. Since mid-July, the TON token has been on a downtrend, trading within a falling channel. However, the bulls are showing resilience as they have recorded two green candlesticks, targeting the $10 mark in the coming days.
Moreover, Toncoin is one of the cryptocurrencies that could record a new ATH in August 2024. If the bulls initiate a buy-back campaign, the price of TON may surpass the $7.45 resistance and revisit $8.33. Once this happens, it could be relatively easy to approach a higher value at around $10.
Diving into the technical outlook, the TON price has flipped the 50-day SMA (green) into support at $6.71. Increased stamina will see the bulls flip the 200-day SMA (blue), which acts as the immediate resistance key at this level, propelling the price of TON to $10.
In the same way, the Relative Strength Index (RSI ) has its strength at 62, tilting the odds towards the buyers. The RSI reinforces the uptrend while lifting toward the overbought region. Traders might consider booking profits as the RSI becomes overbought above 70. Meanwhile, based on Welles Wilder’s interpretation of the RSI, an asset is only ripe for selling once the RSI crosses below the 70 threshold.
On the other hand, the Moving Average Convergence Divergence (MACD) indicator suggests that the Toncoin price is suitably positioned to keep the uptrend intact. It has crossed above the signal line in the orange band, shifting the momentum from bearish to bullish. Traders are inclined to buy more TON unless the momentum indicator changes.
Toncoin Price Future Outlook
In the 4-hour chart analysis, the bulls are set for a rally, which could propel the token to higher levels. However, bulls must first deal with the immediate resistance at the 200-day Simple Moving Average (SMA) (blue) and convert it into a support area. If the bulls increase their buying appetite, the TON could rally to $7.68 in such a case. In a highly bullish scenario, the bulls could grow hind wings to a new ATH around $10 in August.
Conversely, if the sellers step in at this level and the crypto market turns negative, the TON price could drop. The bears might breach the $6.71 support level, invalidating the bullish thesis. In such a scenario, the TON price may retest the $6.50 support level.
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